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The RMR Group Inc (RMR) has reported 37.86 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $23.51 million, or $1.46 a share in the quarter, compared with $17.05 million, or $1.07 a share for the same period last year. On an adjusted basis, net profit for the quarter was $7.21 million, when compared with $5.99 million in the last year period. Revenue during the quarter dropped 4.39 percent to $105.29 million from $110.13 million in the previous year period. Total expenses were 28.14 percent of quarterly revenues, up from 25.84 percent for the same period last year. That has resulted in a contraction of 229 basis points in operating margin to 71.86 percent.
Operating income for the quarter was $75.67 million, compared with $81.67 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.10 million compared with $23.29 million in the prior year period. At the same time, adjusted EBITDA margin improved 365 basis points in the quarter to 24.79 percent from 21.15 percent in the last year period.
Adam Portnoy, President and Chief Executive Officer, made the following statement regarding the first quarter fiscal 2017 results: “The RMR Group's first quarter results demonstrate the continued strength of our operations, with net income attributable to The RMR Group Inc., Adjusted EBITDA and Adjusted EBITDA Margin all increasing compared to last year. During the quarter, we also recognized $52.4 million in incentive business management fees that we earned for calendar year 2016. In view of our strong operating cash flows and solid balance sheet, we continue to assess possible future strategic growth opportunities."
Working capital increases sharply
The RMR Group Inc has recorded an increase in the working capital over the last year. It stood at $124.61 million as at Dec. 31, 2016, up 105.96 percent or $64.11 million from $60.50 million on Dec. 31, 2015. Current ratio was at 5.08 as on Dec. 31, 2016, up from 2.20 on Dec. 31, 2015. Days sales outstanding went down to 33 days for the quarter compared with 34 days for the same period last year.
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